Now that we're getting close to that time period, I've done a quick chart of Node concentrations in the near future, to possibly fine tune this analysis.

That produces this:

There's a minor concentration coming up after Labor Day, as you can see, but a very significant cluster on 9/12/12. My original 9/21/12 date shows as a lone vertical orange dashed line just after the 9/12/12 cluster.

Probably the real kicker is the German vote on the ESM. Could make or break the Euro in one fell swoop.

While I'm at it, there is a lot of speculation that the next 'Lehman style event' could implode quite a few 'TBTF' institutions. The Federal Reserve is choking on bad paper from the last crisis (2008). The banks have been told to produce 'living wills', to handle the wreckage after the next disaster.

Further speculation based on the non-performance of regulatory agencies, suggests that many segregated accounts will pass into vapour in the next crisis. Think MFGlobal, here.

Yes they could. The German Supreme Court, like ours, is not necessarily always going to do the right thing. I understand a flood of lawsuits have been filed by various citizen groups against the ECB, trying to attack the root of the problem. It's a clever strategy, but maybe too slow.

So far, short term US Treasury chart (6 months, daily) continues to show a bullish bias, note the MACD pending bullish crossover:

Almost looks like a triple bottom..

Below, a much longer term chart (5 year chart, monthly), shows a similar pattern, note bullish divergence on momentum:

If we are now in the twilight of the 'Bond Bubble', then because the U.S. is so heavily leveraged many levels of government (city, county, state, etc.) may go into extreme distress in the coming months as these interest rates rise. I doubt the Bernanke's coming speech will change the scenario much. Things are passing out of his hands...

Bond yields are showing resilience and gains since Bernanke's speech. I'm sure this is not what he had in mind, as high interest rates will ultimately bring down the financial system.

The financial cartel that Ben represents, distorts our economy and will fail when the system does...

This is why Bernanke is nervous, he gets to eventually preside over the destruction of the system he was hired to rig (oops!) maintain. Pressing the 'pedal to the metal' will ensure collapse, as he trashes the dollar, and removes purchasing power, and with it, consumption. A clever high school student can figure this out, but a strict Keynesian never will.

Here, the 10 year bond yields, like the others, shows the urgency in buying bonds:

It goes without saying that the Fed is buying more than just Mortgage Backed Securities. They're buying everything, and it's not working, except for stocks. But problems can come to the bond market while everyone is celebrating about higher stock prices. The expected spikes in energy and food will have political repercussions, and that is even while discounting the effects of a looming possible middle eastern conflict..